Zacks: Analysts Expect California Water Service Group (CWT) Will Post Earnings of $0.05 Per Share

Analysts expect California Water Service Group (NYSE:CWT) to post earnings of $0.05 per share for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for California Water Service Group’s earnings. The lowest EPS estimate is $0.03 and the highest is $0.08. California Water Service Group reported earnings of ($0.02) per share during the same quarter last year, which indicates a positive year-over-year growth rate of 350%. The business is scheduled to announce its next quarterly earnings results before the market opens on Thursday, April 27th.

According to Zacks, analysts expect that California Water Service Group will report full-year earnings of $1.32 per share for the current financial year, with EPS estimates ranging from $1.25 to $1.39. For the next financial year, analysts expect that the firm will post earnings of $1.40 per share, with EPS estimates ranging from $1.30 to $1.51. Zacks Investment Research’s EPS calculations are an average based on a survey of research analysts that cover California Water Service Group.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings results on Thursday, February 23rd. The utilities provider reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.11. The firm earned $150.90 million during the quarter, compared to the consensus estimate of $146.33 million. California Water Service Group had a return on equity of 6.56% and a net margin of 7.05%. California Water Service Group’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.18 earnings per share.

A number of research firms have weighed in on CWT. Gabelli raised California Water Service Group from a “hold” rating to a “buy” rating in a report on Thursday, February 16th. Zacks Investment Research raised California Water Service Group from a “sell” rating to a “hold” rating in a report on Friday, February 24th. Wells Fargo & Co downgraded California Water Service Group from a “market perform” rating to an “underperform” rating in a report on Friday, February 24th. They noted that the move was a valuation call. Finally, Macquarie began coverage on California Water Service Group in a report on Wednesday, January 18th. They set a “neutral” rating and a $32.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $33.20.

In other news, VP Michael B. Luu sold 2,400 shares of the business’s stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $34.47, for a total value of $82,728.00. Following the transaction, the vice president now directly owns 8,532 shares of the company’s stock, valued at approximately $294,098.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Fund Advisors increased its stake in shares of California Water Service Group by 8.3% in the third quarter. BlackRock Fund Advisors now owns 3,384,620 shares of the utilities provider’s stock worth $108,612,000 after buying an additional 258,291 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of California Water Service Group by 1.4% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,206,055 shares of the utilities provider’s stock worth $38,702,000 after buying an additional 16,878 shares during the last quarter. State Street Corp increased its stake in shares of California Water Service Group by 10.8% in the fourth quarter. State Street Corp now owns 1,133,219 shares of the utilities provider’s stock worth $38,419,000 after buying an additional 110,306 shares during the last quarter. Zacks Investment Management increased its stake in shares of California Water Service Group by 1.8% in the third quarter. Zacks Investment Management now owns 425,628 shares of the utilities provider’s stock worth $13,658,000 after buying an additional 7,623 shares during the last quarter. Finally, Baillie Gifford & Co. increased its stake in shares of California Water Service Group by 1.8% in the fourth quarter. Baillie Gifford & Co. now owns 412,650 shares of the utilities provider’s stock worth $13,989,000 after buying an additional 7,260 shares during the last quarter. 68.63% of the stock is currently owned by institutional investors and hedge funds.

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Shares of California Water Service Group (NYSE:CWT) traded up 1.22% on Friday, reaching $37.35. The company had a trading volume of 199,306 shares. The company has a 50-day moving average price of $35.51 and a 200-day moving average price of $34.09. The firm has a market capitalization of $1.79 billion, a PE ratio of 36.98 and a beta of 0.65. California Water Service Group has a 52-week low of $27.05 and a 52-week high of $37.60.

California Water Service Group Company Profile

California Water Service Group is a holding company. The Company operates through the supply and distribution of water and providing water-related utility services segment. The Company, through its subsidiaries, provides non-regulated services and non-regulated services to private companies and municipalities.

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